After a long week of travel, Johno Harris sat in Lincoln Property Company’s Charlotte office with a view of the skyline his family helped build.
Dallas-based Lincoln has more than 4,000 employees, 30-plus offices worldwide and over $30 billion in real estate assets under management. Increasingly, that portfolio includes sports mixed-use developments that Harris oversees from his Charlotte perch.
Lincoln entered sports development with The Star, the Cowboys’ pioneering HQ and mixed-use district, and is now leading the Browns’ Brook Park development.
Harris said the company is in discussions or active projects with owners across every major league, a noteworthy development because few, if any, of the large national real estate firms have gotten deeply, consistently involved in sports-adjacent mixed-use so far.
Here are my main takeaways from our hour-long chat on a Friday afternoon in June:
Lincoln is blending a national platform with local expertise
Since its founding roughly 60 years ago, Lincoln expanded into cities and regions by finding (and acquiring or partnering with) a local market leader. The Harris family was that market leader in the Carolinas.
Lincoln has approached its sports-related projects the same way, except for the involvement of the its national corporate advisory and solutions group. Co-led from Charlotte by Harris, it handles sports and entertainment projects and has the necessary expertise in areas such as public-private partnerships.
“It’s got to have economics that work in the community,” Harris said. “You can’t go build 12-story concrete in Brook Park, Ohio where you can build 12-story concrete in San Francisco or Dallas.”
Stone Point investment has sparked sports work
Lincoln recapitalized in 2023 through a major investment from Stone Point Capital, a move that saw Harris’ dad, Charlotte real estate magnate Johnny Harris, and other original Lincoln founders step back from day-to-day leadership. Lincoln remains privately held by its founding families.
Lincoln’s corporate solutions group has developed studios for movie companies, worked with Netflix and Google, and has a growing roster of sports-related projects, including a $3 billion development that just broke ground in Draper, Utah. Lincoln also provides owners’ rep services, which it’s doing for the Charlotte Hornets’ Novant Health Performance Center project.
With a less siloed approach, Lincoln is pursuing the sports-adjacent development market wholeheartedly as real estate transforms the value of sports organizations. Forbes pegged the Browns’ valuation at $3.9 billion in 2023; in 2026, with the stadium and mixed-use project underway, it was $6.4 billion.
Mixed-use “ultimately brings a different valuation because nobody wants to go invest money and just let it sit there,” Harris said. “They want it to compound and grow.”
Harris thinks Lincoln’s access to the capital markets and the financial know-how necessary to price a $12 billion project pipeline will be its differentiator in the sports world.
“We’re financing billions of dollars worth of construction a year. We know how to finance things, and we know who the major institutions and the major players are in order to do it.”
College sports-adjacent real estate is a big target, too
Mixed-use is equally popping on the college side, where universities are trying to generate new revenue for athletics while addressing a swirl of competing education trends, including decreasing enrollment at some schools and housing shortages at others.
To that end, Lincoln acquired Capstone Development Partners six months ago to augment its student housing development capabilities and bring a fuller offering to the numerous college sports real estate RFPs that are hitting the market. The Capstone acquisition was one of nearly 10 Lincoln has made since the Stone Point recap.
Working with the Haslams
Harris said a project expected to take up to a decade requires complete alignment with Browns owners Jimmy and Dee Haslam.
“They’re great partners. From concepts to execution, they want to be part of it. And in the same instance, they want to understand why. They want to understand how,” Harris said. “And as a result, as we’ve moved through this process, when we come to an issue or a situation, they know how we got there. They know why we got there. And then all of a sudden it’s like, ‘well, OK, let’s figure it out together.’”